Note: This Question is unanswered, help us to find answer for this one
The use of a computer graphics applications in product design is called _______.
Answer
Correct Answer:
Computer aided design (CAD)
Note: This Question is unanswered, help us to find answer for this one
When discussing the TOC, the term _______ represents the work center that sets the pace for the entire facility.
Answer
Correct Answer:
Drum
Note: This Question is unanswered, help us to find answer for this one
When discussing the TOC, _______ refers to the control or scheduling of work releases to the facility.
Answer
Correct Answer:
Rope
Note: This Question is unanswered, help us to find answer for this one
What is another term used to describe material flow mapping?
Answer
Correct Answer:
All of the above
Note: This Question is unanswered, help us to find answer for this one
Understanding the correct symbol to use to represent an action or activity in material flow mapping is essential. Which symbol is used to indicate a delay or storage?
Answer
Correct Answer:
Triangle
Note: This Question is unanswered, help us to find answer for this one
Understanding the correct symbol to use to represent an action or activity in material flow mapping is essential. Which symbol is used to indicate the start or end of a process?
Answer
Correct Answer:
Rounded rectangle
Note: This Question is unanswered, help us to find answer for this one
Understanding the correct symbol to use to represent an action or activity in material flow mapping is essential. Which symbol is used to indicate information flow?
Answer
Correct Answer:
Dashed arrow
Note: This Question is unanswered, help us to find answer for this one
Work-in-Process is an item in some intermediate stage of processing by
Answer
Correct Answer:
The firm .
Note: This Question is unanswered, help us to find answer for this one
These inventories are owned by the firm and are in-transit either in-bound to the firm or out-bound to the firm’s customers is known as ______ .
Answer
Correct Answer:
Transportation Inventories
Note: This Question is unanswered, help us to find answer for this one
The sum of the annual inventory carrying costs, order costs, stockout costs, and purchase costs is known as _______ .
Answer
Correct Answer:
Total Annual Inventory Costs
Note: This Question is unanswered, help us to find answer for this one
Target Inventory Level is the order-up-to level when using the periodic review model .
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Stockout Costs is encountered when the _______ for items cannot be met
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
Service Level is the ______ of time the firm does not want to stockout during the order lead time period.
Answer
Correct Answer:
Percentage
Note: This Question is unanswered, help us to find answer for this one
Safety Stocks are held to satisfy demand when delivery or production problems occur, or when demand is higher than expected .
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Robust model refers to the flatness of the ________ curve, which means the EOQ model can be used in a variety of situations.
Answer
Correct Answer:
Total inventory cost
Note: This Question is unanswered, help us to find answer for this one
The inventory on-hand needed to satisfy demand during the order lead time period is known as _____ .
Answer
Correct Answer:
Reorder Point
Note: This Question is unanswered, help us to find answer for this one
Quantity Discount Model used when the purchase price is allowed to vary—for instance, when quantity discounts are offered by a supplier Raw Materials.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
The actual cost of the items bought from suppliers is known as ______
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
The actual cost of the items bought from suppliers is known as ______
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
Which model assumes the purchase lead time to be constant; however, the time between orders would vary ?
Answer
Correct Answer:
Probabilistic Demand Reorder Point Model
Note: This Question is unanswered, help us to find answer for this one
EOQ stands for _____ .
Answer
Correct Answer:
Economic order quantity
Note: This Question is unanswered, help us to find answer for this one
Periodic review model requires ________ stock levels than the reorder point models.
Answer
Correct Answer:
Higher safety
Note: This Question is unanswered, help us to find answer for this one
The time from order receipt to delivery to the customer is known as _______
Answer
Correct Answer:
Order Lead Time
Note: This Question is unanswered, help us to find answer for this one
The administrative costs associated with purchasing items is known as _______ .
Answer
Correct Answer:
Order Costs
Note: This Question is unanswered, help us to find answer for this one
Optimal review period used for the periodic review model.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Maintenance, repair, and operating supplies is defined as purchased items consumed in-house or used to support _______ .
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
________ measures of how well companies are creating good customer service while keeping inventories low.
Answer
Correct Answer:
Inventory Management Performance
Note: This Question is unanswered, help us to find answer for this one
Inventory Days of Supply is an inventory performance measure that tells management how long inventory is held before it is sold.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
The costs associated with storing inventories is known as ______ .
Answer
Correct Answer:
Inventory Carrying Costs
Note: This Question is unanswered, help us to find answer for this one
Independent Demand is the external demand for a firm’s finished products
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Hedge inventories used when companies stockpile inventories to protect against ______ or supply shortages
Answer
Correct Answer:
Price increases
Note: This Question is unanswered, help us to find answer for this one
Finished Goods completed products ready for delivery to ______ .
Answer
Correct Answer:
Customers
Note: This Question is unanswered, help us to find answer for this one
The order quantity that will minimize the sum of the annual inventory holding cost and the annual order cost is known as ______ .
Answer
Correct Answer:
Economic Order Quantity
Note: This Question is unanswered, help us to find answer for this one
Dependent demand required to build end-items and are dependent on the ________ of the finished product .
Answer
Correct Answer:
External demand
Note: This Question is unanswered, help us to find answer for this one
An inventory performance measure that indicates the average number of days it takes a company to collect is known as _____ .
Answer
Correct Answer:
Days of Receivables Outstanding
Note: This Question is unanswered, help us to find answer for this one
Days Payable Outstanding measure that tells about how long it takes a company to pay its creditors, such as suppliers .
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Cycle Inventories created when the firm _______ a quantity large enough to last until the next purchase or production period.
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
Cash-to-Cash Cycle Time indicating how ______ is tied up in the main cash- producing and cash- consuming area .
Answer
Correct Answer:
Long cash
Note: This Question is unanswered, help us to find answer for this one
Forecasts of demand combined with additions of safety stock that tend to amplify purchases from suppliers is known as _______ .
Answer
Correct Answer:
Bullwhip Effect
Note: This Question is unanswered, help us to find answer for this one
Anticipation Inventories can be met ______ of expected high demand
Answer
Correct Answer:
During periods
Note: This Question is unanswered, help us to find answer for this one
ABC Inventory Classification is an approach used to help companies manage their independent demand inventories.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Transportation inventories transit in containers or trucks (also known as pipeline inventories)
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Single-echelon inventory systems
Answer
Correct Answer:
Stock-out costs
Note: This Question is unanswered, help us to find answer for this one
In Smoothing inventories inventories held to smooth out fluctuations in production
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
_______ is the System Ordering the entire inventory of a product at one time and it is not replenished
Answer
Correct Answer:
Single-period system
Note: This Question is unanswered, help us to find answer for this one
______ is a system in which each supply chain partner sequentially forecasts demand that invariably leads to the bullwhip effect
Answer
Correct Answer:
Single-echelon inventory systems
Note: This Question is unanswered, help us to find answer for this one
Setup costs the costs of setting up the machines or changing over production from one item to another
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
RFID stands for
Answer
Correct Answer:
Radio frequency identification
Note: This Question is unanswered, help us to find answer for this one
Money paid to an upstream supplier for materials or goods purchased Is known as
Answer
Correct Answer:
Purchase costs
Note: This Question is unanswered, help us to find answer for this one
Portfolio planning is a channel alignment strategy in which a company signs _______ with one or two suppliers
Answer
Correct Answer:
Long-term contracts
Note: This Question is unanswered, help us to find answer for this one
_______ determining the real quantity of inventory that is physically available on a periodic basis
Answer
Correct Answer:
Physical count
Note: This Question is unanswered, help us to find answer for this one
A system in which inventory is physically counted periodically and all reordering takes place at these intervals is known as
Answer
Correct Answer:
Periodic review systems
Note: This Question is unanswered, help us to find answer for this one
______ administrative costs related to determining an order quantity, preparing purchase invoices, inspecting goods received for quality and quantity, and moving goods for temporary storage
Answer
Correct Answer:
Ordering costs
Note: This Question is unanswered, help us to find answer for this one
Order fulfillment lead time is the the average time it takes from the submission of a customer’s purchase order until the company delivers the order
Answer
Correct Answer:
Order fulfillment lead time
Note: This Question is unanswered, help us to find answer for this one
A system in which optimum levels of inventory are determined and updated continuously across the supply chain network based on the demand variability is known as
Answer
Correct Answer:
Multi-echelon inventory systems
Note: This Question is unanswered, help us to find answer for this one
Lost sales occur when a customer doesn’t buy an item if that item is not in stock
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
________ measure of how frequently a business sells its inventory in a given time period
Answer
Correct Answer:
Inventory turnover
Note: This Question is unanswered, help us to find answer for this one
Holding costs associated with holding (carrying) inventory
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Which type of inventory is purchased in advance to guard against uncertainties in pricing?
Answer
Correct Answer:
Hedge inventory
Note: This Question is unanswered, help us to find answer for this one
The percentage of customer orders that can be satisfied from inventory in stock is known as
Answer
Correct Answer:
Fill rate
Note: This Question is unanswered, help us to find answer for this one
_______ is a process whereby an upstream supply chain member such as a manufacturer sells directly to the final consumer
Answer
Correct Answer:
Disintermediation
Note: This Question is unanswered, help us to find answer for this one
Decoupling is a function that enables production to _____ while the production problem at a given process stage is resolved
Answer
Correct Answer:
Continue temporarily
Note: This Question is unanswered, help us to find answer for this one
Define Days of inventory in stock.
Answer
Correct Answer:
The number of days of inventory a firm has on hand to meet its sales
Note: This Question is unanswered, help us to find answer for this one
The inventory that a company carries to satisfy its normal cycle of sales orders or production requirements is known as
Answer
Correct Answer:
Cycle stock
Note: This Question is unanswered, help us to find answer for this one
Counting a random sample or subset of inventory in stock in a particular location on a specific day. This statement is correct for
Answer
Correct Answer:
Cycle counting
Note: This Question is unanswered, help us to find answer for this one
______ a system in which inventory levels of every item in stock, including its quantity and availability, are monitored and updated continuously
Answer
Correct Answer:
Continuous review systems
Note: This Question is unanswered, help us to find answer for this one
A specific set of professional behaviors and values including confidentiality, accuracy,that all company employees must know and strictly is known as
Answer
Correct Answer:
Code of ethics
Note: This Question is unanswered, help us to find answer for this one
Why in Bullwhip effect supply chain in close proximity to the consumer (such as a retailer) to order more goods from the immediate upstream supplier to
Answer
Correct Answer:
Meet the demand
Note: This Question is unanswered, help us to find answer for this one
Anticipation inventory is a customer order a company was unable to meet because the item demanded was not in stock
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Inventory held in excess of a firm’s cycle stock to meet the expected increase in demand is known as
Answer
Correct Answer:
Anticipation inventory
Note: This Question is unanswered, help us to find answer for this one
Activity-based costing is a system that accounts for inventory cost and enables companies to recognize the excessive costs
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
________ sort items into A, B, and C categories according to criteria such as their unit costs, value, or the annual revenue they generate for a firm
Answer
Correct Answer:
ABC classification method
Note: This Question is unanswered, help us to find answer for this one